The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1887-12-13

To the congress of the United States
You are confronted at the threshold of
your legislative duties, with condition of
the national finances which imperatively
demands immediate and careful consider
alton.
The amount of money annually xacted,
through the operation of present laws, from
the industries and necessities of the people,
largely exceeds the sum esary to meet
the expenses of the government.
When we consider that the theory of our
institutions guarantees TO every citizen the
full enjoyment of all the fruits of his in
dustry and enterprise, with only such de-
duction as may be his share toward the
careful and economical maintenance of the
government which protects him, it is plain
that the exaction of more than this is indie
fensible extortion and culpable betrayal
of American fairness and justice. This
wrong inflicted upon those who bear the
burden of national taxation, like other
wrongs, mnltiplies brood of evil conse-
quences. The public treasury, which
should only exist as a conduit conveying
the peoples tribute to its legitimate objects
of expenditure, becomes a boarding place
for money needlessly Withdrawn from
trade and the peoples use, thus crippling
our national energies, suspeDding our coun-
try's development, preventing investments
in productive enterprises, threatening
financial disturbance, and inviting schemes
of public plumber.
This condition of our treasury is not all
together new and it has more than once
of late been submitted to the peoples rep
resentatives in congress, who alone can APP
Il nd Of no off
continues, with aggravated incidents, more
than ever
PREsAGING FINANCIAL CONCLUSIONS
and widespread disaster.
1t will not do TO neglect this situation
because its dangers are not now palpably
iminent and apparent. They exist none the
less certainly, and await the unforeseen
and unexpected occasion when suddenly
they will be precipitsted upon US.
On the 30th day of June, 1885, the ex-
cess of revenues over public expenditures
after complying with the annual require
ments of the siuking fund act, was ST.
859,735.S4; during the year ending june
80, 1886, such excess amounted to S49,-
405, $500 and during the year ending
June 80, 1887, it reached the sum of $55,-
81, 849 "a.
The annual contributions to the sinking
fund during the three years above specified
amounting in the aggregate TO Sl36,058 81,
and deducted from the surplus as stated,
were made by calling in for that purpose
outstanding three per cent bonds of the
government.
During the six months prior to june 80,
1887, thesurplus revenue had grown so
large by repeated accommodations, it |
was feared the withdrawal of this great
sum of money needed by the people, would
so effect the business of the country, that
the sum of S79, S64 100 of such surplus was |
applied to the payment of the principal |
and interest of the three per cent bonds |
still outstanding, and which were then pay |
able at the option of the government. The |
precacious condition of financial affairs |
among the people still needi, relief, i'm |
mediately after The 30th day of June, 1887, |
the remainder of the three per cent bonds |
then outstanding, amounting with princi- |
pal and interest TO the sum of Sis, 877 500, /
were called in and applied to the sinking |
fund contribution for the current fiscal
year? Notwithstanding these operations |
OF the treasury department representations
of distress In business circles not only con
tinued but increased, and absolute peril
seemed al hand. In these circumstances
the contribution to the sinking-fund for
the current fiscal year was at once COM
pleted by the expenditure of $27 ,684, 283,S5
In the
PURCHASE OF GOVERNMENT BONDS
not due bearing Al per cent interest, the
premium paid thereon averaging about
twenty four per cent for the former and
eight per cent for the latter. In addition
to this the interest accruing during the
current year upon the outstanding bonded